Comprehending your insurance plan can assist you in finding the lowest cost and help you secure the necessary coverage to guard your finances in the face of an unforeseen incident.
Here’s why it’s important to get painting contractor liability insurance:
It Is Required By State Law
Painting companies are required by their state governments to buy certain types of insurance. For example, suppose a painting company has employees. In that case, they must purchase workers’ compensation insurance. They must get commercial auto insurance if they have a work vehicle titled in the business name.
It Is Required By General Contractors and Property Owners
Painters are often required to obtain business insurance to satisfy their clients’ demands. On an annual basis, these clients need proof that the painters have the necessary coverage in place, typically provided in the form of a certificate of insurance. It’s a way to ensure customers feel secure in the knowledge that any damage incurred during the painting process will be taken care of by your insurance policy.
It Prevents a Lawsuit from Harming Your Business
Painters should get insurance to protect themselves financially if, during their work, they accidentally hurt someone or damage something and can’t pay for it with their own money.
Painting Contractor Liability Insurance Coverage
Painting contractors typically need to have four distinct types of insurance to protect their business, detailed below:
General Liability Insurance
General liability insurance for painters provides protection against legal responsibility for any injury or damage caused to other people’s property. This could include painting materials spilling onto third-party property, ladders causing damage, or overspray.
Contractor Tools Coverage
As a painting contractor, contractor tools coverage can provide peace of mind by protecting the tools you use for your job. This type of coverage is usually included with your general liability policy. It covers the tools you keep in your truck, garage, or job site if stolen or damaged. The cost of this coverage is usually a small amount each year, depending on the value of your tools and the coverage option you choose. With this coverage, your tools will be covered no matter where you take them.
Workers’ Compensation
Painting can be risky as it often requires ladders, which can lead to injuries. Workers’ compensation is a policy that employers can take out to cover the medical expenses and lost wages of injured employees. This policy may also cover other benefits depending on the employer’s state.
Commercial Auto Liability
If you use your car for business, you should consider getting a commercial auto insurance policy. This kind of policy will provide financial protection if you are responsible for an accident, paying for repairs to your car, and compensating other parties with potential liability. It can also cover any physical damage to your vehicle, even if it wasn’t your fault.
Conclusion
Painting contractor liability insurance is essential to running a successful painting business. It can help you secure more jobs, as many clients prefer to work with contractors with proof of liability insurance. Investing in painting contractor liability insurance is a must if you want to run a safe and successful painting business.
Pascal Burke Insurance Brokerage Inc. are specialists in an array of policies that cover not only general cases but also specialty contractors. You won’t have to worry about breaking the bank with our great rates! If you want to get painting contractor liability insurance, we’ve got you covered! Get in touch with us today!